Online Bidding Guide

Online Bidding Registration

1. Property registration

i. Prior to the auction, click on the property page(s) found within the Next Auction page that you are interested in bidding on.


ii.
On the property detail page, click on the “Bid Now” widget (the circle icon) on the bottom right of the screen. On a desktop computer, a pop-up window should appear on the right of the screen. If you are on a smart device, you may have to tap the ‘Bid Now’ circle on the bottom right in order to show the pop-up.


iii.
Click on Log in / register to bid in the pop-up window.


iv.
Either log in if you already have an ‘Auction Passport’ account or register a new account.


v.
Follow the on-screen instructions to enter your details and create an account.

2. Bidder security

i. Once your details have been approved, you will be notified by email to submit your bank card details approximately 72 hours before the start of the auction.

ii. Upon entering valid bank card information, a hold of £5,000 per lot will be authorised on your account. No monies will actually be deducted until and unless you have the winning bid that meets the reserve on the auction day. This £5,000 will contribute towards the fees stipulated in the special conditions and the deposit of the property.

3. Registering for more than one property

i. Repeat the above steps for each property you are interested in bidding for. A bidder security of £5,000 must be authorised for each individual property.

Auction Agent strongly advises interested parties to complete the registration as soon as possible.

Auction Agent does not accept any responsibility for failure to administer late registrations.

Download Property Legal Packs

1. Log in to your Auction Passport account

i. On the property page that you are interested in downloading the legal pack for, click on the “Bid Now” widget on the bottom right of the screen.

ii. Click on Log In and enter your ‘Auction Passport’ account details.

2. After logging in, return back to the property page and open the “Bid Now” widget if it is not already opened.

3. Click “Legals”, which is located on the second tab in the pop-up window.

4. Read through the terms and proceed if you agree to them.

5. The legal pack should be available for download. If the tab says “The legal documents are not available”, it means that the seller’s solicitors have yet to have finished preparing them. An email will be automatically sent to notify you when the legal documents are ready for download.

Online Bidding on the Auction Day

1. Logging in to bid

(Log in via the property page you wish to bid on (as above)

2. Start bidding

i. Upon successful log in, you will be able to either make an instant bid or set a proxy bid amount.

ii. The window will show the current bid, the time remaining, and whether the bid has reached the reserve price.

Why buy through Auction Agent?

In recent years traditional auctions have been perceived as one of the best methods of purchasing property. There are many benefits to buying at auction, both for the experienced investor or those who are new to the property scene:

Incredible value for money: This is because the entire bidding process is made completely transparent; it is not possible for the winning bidder to pay a substantial amount over the second highest bidder.

Fast, secured and assured: Auctions take up to four weeks to complete, whereas estate agencies may take months. No time is wasted in traditional auctions. The highest bidder wins as soon as the hammer falls, after which they would have entered into a legally binding contract to purchase the property.

Wide variety in property types and values: There are generally a wide range of properties within an even wider range of property values to bid from. All property details are made available for assessment in our bi-monthly auction catalogue or from our website.

Flexible and Convenient: Traditional auctions offer various ways for bidders to participate in the bidding process to further increase the convenience and ease: by proxy, by telephone and online (in certain circumstances).

Financing your winning bids:

Investors attending auctions are generally cash buyers. There are, however, instances where investors may seek to finance their winning bids instead. There are only a few select lenders available in the market that can arrange finance within the payment deadlines of traditional auctions. Properties with longer unbroken leases are especially easier to obtain financing. Auction Agent has long standing business relationships with various bridging lenders who can offer competitive loans that best fit your auction financing needs.

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2007

The Money Laundering Regulations require auctioneers and estate agents to verify the identity of all vendors and purchasers and those that bid for auction properties. We are required to seek proof of the buyer’s identity, a practice which is in line with banks, IFAs and other providers of professional services.

All those attending our auctions with the intent to bid must provide documentation that proves their identity and address. You would not be able to register and bid without this documentation.

In the case of individuals, acceptable form of documentation are as follows:

Proof of Identity:

Current valid, signed and original passport

Current valid and signed full UK/EU Photo Card Driving Licence*

Resident Permit issued by Home Office to EU Nationals

A valid identity card (Police warrant card, Prison officer, HM forces, government or local authority issued)

A Firearms Licence

Proof of Address:

An original utility bill issued within the last three months (but not mobile phone bills)

An original Local Authority tax bill for the current year

An original Bank, Building Society or Credit Union statement within the last three months

An original mortgage statement from a UK lender for the mortgage year just ended

An original HMRC tax notification, self-assessment statement or tax demand

*These items may be used as evidence of identity or address, but not both.

For private limited companies and partnerships, we will require all of the following:

a) The company registration number

b) Registered address

c) Evidence of the individual’s authority to act on behalf of the company (a letter of authority on company letterhead).

If you are bidding on someone else’s behalf, we will require proof of identity and address for the bidder and certified copies of the buyer’s identity and address. This will be requested at the auction.

Proof of ID and address documents must be certified by one of the following persons or institutions who is not a friend or relative of the person whose documents are being certified:

Doctor

Chartered Accountant

Post Office

Civil Servant

Minister of Religion

Solicitor or Notary

Teacher or Lecturer

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